Pakistan, June 11 -- Gold and silver prices witnessed a significant decline on Wednesday in both global and local markets after a one-day pause, as fresh fighting in the Middle East dimmed hopes of a resolution to the US-Israeli war with Iran, heightening concerns about inflation and potential interest rate hikes.

In the international bullion market, spot gold was down 2.1% at $4,172.44 per ounce, its lowest level since March 23. US gold futures for August delivery shed 2.1% to $4,195.60.

Following international trends, gold and silver prices in Pakistan also recorded a significant decline. According to the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of gold per tola dropped by Rs12,627 to settle at Rs442,436....